WH: Iran nuclear deal did not serve America's interests

US President Donald Trump officially signed a memorandum withdrawing the US from the Iran nuclear deal and reimposing sanctions on Iran, the White House stated Tuesday.

"President Trump is terminating United States participation in the JCPOA, as it failed to protect America’s national security interests," the White House statement read.

"The JCPOA enriched the Iranian regime and enabled its malign behavior, while at best delaying its ability to pursue nuclear weapons and allowing it to preserve nuclear research and development.

The White House further stated that the president has directed his Administration to immediately begin the process of re-imposing sanctions related to the nuclear deal.

The re-imposed sanctions will target critical sectors of Iran’s economy, such as its energy, petrochemical, and financial sectors.

"Those doing business in Iran will be provided a period of time to allow them to wind down operations in or business involving Iran. Those who fail to wind down such activities with Iran by the end of the period will risk severe consequences." the White House stated

"United States withdrawal from the JCPOA will pressure the Iranian regime to alter its course of malign activities and ensure that Iranian bad acts are no longer rewarded. As a result, both Iran and its regional proxies will be put on notice. As importantly, this step will help ensure global funds stop flowing towards illicit terrorist and nuclear activities."

Trump announced his withdrawal from the Iran nuclear deal in a White House press conference Tuesday afternoon.